USD/CHF 1H Chart 8/7/2012 9:40PM EDT
In the previous USD/CHF update, I noted that the pair was bearish and had a swing projection to 0.9620, with resistance at the previous support area of 0.9740-0.9750. So far this week, the market indeed found resistance at 0.9740 but has also flattened out, ranging with that resistance and support at 0.9655.
So far during the 8/7 session, the market has bounced off the support, but found resistance at the 0.9705 previous resistance pivot during the start of the 8/8 Asian session. A hold below 0.97 going into the 8/8 European session would be seen as a bearish bias, and the 0.9655 level is likely to be tested again.
The RSI reading just tagged 60 and is turning down, suggesting that the bearish momentum bias is preserved.
USD/CHF 4H Chart 8/7/2012 9:47PM EDT
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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